González · ChevezGonzález · ChevezGonzález · Chevez
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What income must be reported on the annual return?

declaración anual

In addition to the income obtained by the taxpayer either through salaries, professional services, leasing, interests and alienation of goods, it is important to take into account that if donations, inheritances, and even the exempt parts of alienations are received, these must also be reported in the annual tax return.

LEGAL FRAMEWORK: Article 93 of the Income Tax Law.

The Income Tax Law establishes that certain income is exempt from paying the tax it regulates. However, this does not mean that they should not be reported in the annual tax return. These must be reported if they exceed the amounts established in the same law.

The Mexican Institute of Public Accountants (IMCP) stated that taxpayers must inform if they derived from loans, donations or prizes, individually or as a whole, only if they exceeded 600,000 pesos in the fiscal year.
On the other hand, in the sale of a house, when the exemption mentioned in article 98 section XIX applies, the amount of the exemption applied to the real estate must be reported.

Another item to be reported is travel expenses, when they exceed the amount indicated by the IMCP and they are effectively paid in the employer's service and this circumstance is proven with the corresponding tax receipts.

Income received by taxpayers from inheritances and legacies is also exempt. However, they must be declared as informative information in the annual tax return, when the amount exceeds 500,000 pesos. This is established in Article 93, section XXII of the Income Tax Law.

It is important to review the amount received for income that could be exempt and that must be reported to the tax authorities.